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Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Frontmatter More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 8 Business Vocabulary in Use Advanced Introduction Who is this book for? Business Vocabulary in Use Advanced builds on the success of Business Vocabulary in Use Intermediate. It is designed to help advanced learners of business English to improve their business vocabulary. It is for people studying English before they start work and for those already working who need English in their job. The emphasis is on language related to today’s important, and sometimes controversial, business issues. You can use the book on your own for self-study, or with a teacher in the classroom, one-to-one or in groups. How is the book organized? The book has 66 two-page units. The first 59 of these are thematic and look at the vocabulary of business areas such as human resources, quality, strategy, logistics, IT, marketing, finance, corporate responsibility and the global economy. There are then three units which focus on the language of the skills needed for doing business across cultures. The final four units develop business writing skills. The left-hand page of each unit explains new words and expressions, and the right-hand page allows you to check and develop your understanding of the words and expressions, and how they are used through a series of exercises. There is cross-referencing between units to show connections between the same word or similar words used in different contexts. There is an Answer key at the back of the book. Most of the exercises have questions with only one correct answer. But some of the exercises, including the Over to you activities at the end of each unit (see below), are designed for writing and/or discussion about yourself and your own organization or one that you know. There is also an Index. This lists all the new words and phrases which are introduced in the book and gives the unit numbers where the words and phrases appear. The Index also tells you how the words and expressions are pronounced. The left-hand page This page introduces new vocabulary and expressions for each thematic or skills area. The presentation is divided into a number of sections indicated by letters: A, B, C, etc., with simple, clear titles. In Business Vocabulary in Use Advanced, explicit reference is made to the business material in the Cambridge International Corpus (CIC) – business pages of newspapers, business textbooks, and business meetings and discussions. The texts are stored in a database, which is searchable in various ways to reveal the patterns of business usage. The database has been exploited to identify typical word combinations found in the data, and there are notes about their relative frequency. As well as explanations of vocabulary, there is information about typical word combinations. Again, the CIC has been a prime source of information about these. There are notes on the relative frequency of different words, for example: Note Pass, omit or skip a dividend occur in this order of frequency. There is no difference in meaning.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Frontmatter More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 9 There are notes about differences between British and American English, for example: The right-hand page The exercises on the right-hand page give practice in using the new vocabulary and expressions presented on the left-hand page. In gap-filling exercises, four-centimetre writing lines indicate that more than one word is needed to complete at least one of the gaps in the exercise; twocentimetre writing lines indicate that one word only is needed in each gap. Some units contain diagrams to complete or crosswords. ‘Over to you’ sections An important feature of Business Vocabulary in Use Advanced is the Over to you section at the end of each unit. There are sometimes alternative Over to you sections for learners who are in work and for those who are studying pre-work. The Over to you sections give you the chance to put into practice the words and expressions in the unit in relation to your own professional situation, studies or opinions. Self-study learners can do the section as a written activity. In many Over to you sections, learners can use the internet to find more information. In the classroom, the Over to you sections can be used as the basis for discussion with the whole class, or in small groups with a spokesperson for each summarizing the discussion and its outcome for the class. The teacher can then get students to look again at exercises relating to points that have caused difficulty. Students can follow up by using the Over to you section as a written activity, for example as homework. The Answer key now contains sample answers for the Over to you questions. How to use the book for self-study Find the topic you are looking for by using the Contents page or the Index. Read through the explanations on the left-hand page of the unit. Do the exercises on the right-hand page. Check your answers in the Answer key. If you have made some mistakes, go back and look at the explanations and the exercise again. Note down important words and expressions in your notebook. How to use the book in the classroom Teachers can choose units that relate to their students’ particular needs and interests, for example areas they have covered in coursebooks, or that have come up in other activities. Alternatively, lessons can contain a regular vocabulary slot, where students look systematically at the vocabulary of particular thematic or skills areas. Students can work on the units in pairs, with the teacher going round the class assisting and advising. Teachers should get students to think about the logical process of the exercises, pointing out why one answer is possible and the others are not (where this is the case). We hope you enjoy using Business Vocabulary in Use Advanced. Note BrE: labour; AmE: labor BrE: trade unions; AmE: labor unions

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 10 Business Vocabulary in Use Advanced 1 My work is so rewarding ‘I work in advertising. I love my work! It’s really rewarding and stimulating – satisfying and interesting. Originality and creativity are very important in this industry, of course; we have to come up with – produce – lots of new ideas. ‘No two days are the same. I could be contacting film companies for new advertising campaigns one day and giving client presentations the next. I like the client contact and I am very much hands-on – involved with the productive work of the agency rather than managing it. ‘When I joined the agency, I hit it off with my colleagues immediately. I still get on well with them and there’s a very good rapport between us. This is all part of my job satisfaction.’ I like the teamwork ‘I’m an aircraft engineer. I work on research and development of new aircraft. I love putting ideas into practice. I like working on my own, but it’s also great being part of a team. I like the teamwork (see Unit 9) and the sense of achievement when we do something new. And of course, the planes we produce are very beautiful. ‘Is there anything I don’t like? I dislike days when I’m chained to a desk. I don’t like admin and paperwork. Sometimes I feel I’m snowed under – there’s so much to do I don’t know how to deal with it. And in a large organization like ours, there can be a lot of bureaucracy or red tape – rigid procedures – that can slow things down.’ I like the perks ‘I’m in luxury goods sales. I have some nice perks, like a company car. I have to meet demanding sales targets every month, so the work can be very stressful (see Unit 6). But I enjoy the flexibility that I have in working when I want to without someone breathing down my neck all the time. Unlike my husband, who has to travel into London every day, I don’t have to commute to an office – I’m out seeing clients most of the time. My boss allows me to work from home when I’m not seeing clients. My office uses hot-desking, so when I do go into the office I use whichever desk is free. I only get two weeks a year vacation time. If there’s a family emergency, I can take time off without having to ask my boss. I work quite long hours – about 60 hours a week – but I enjoy my job.’ A B C The working environment Note BrE: holiday AmE: vacation

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 11 Complete the sentences with expressions from A opposite. 1 Work that is satisfying and interesting is and . 2 If you spend time with customers, you have . 3 If you have a good working relationship with your colleagues, you them. 4 If you do the actual work of the organization rather than being a manager, you are . 5 If you want to say that work is not repetitious, you can say ‘ ’ . 6 and are when you have new and effective ideas that people have not had before. The aircraft engineer talks about his work. Complete his statements with expressions from B opposite. 1 I don’t always like working with other people. I like . 2 It’s great to see what I learnt during my engineering course at university being applied in actual designs. I like . 3 I hate it when there is a big stack of documents and letters on my desk that I have to deal with. I don’t like and . 4 I love the when we all work together to create something new. 5 It’s rare, but sometimes when I come into the office and see a huge pile of work waiting for me, I feel . 6 When we see a new plane fly for the first time, we all feel a great . 7 I get frustrated when you have to get permission to spend anything over £50. I don’t like and . Complete what these people say with appropriate forms of words and expressions from C opposite. 1 Our boss comes into the office four times a day to see what we’re doing. She’s always . 2 Being on the train two hours a day to and from work doesn’t bother me. I quite like . 3 I start at 6 in the morning and finish at 8 in the evening. I work really . 4 Sometimes I work from home, sometimes in cafés and sometimes I go into the office. I really like the . 5 She even works on holiday, so it doesn’t really count as . 6 I hated working in an office. When there were family ‘emergencies’, I didn’t like to ask for . 7 I’m a car salesman and I have to sell at least ten cars every month – it’s very . 8 When you work in a travel agency, getting free holidays is one of the . 9 I sit at home all day working and never see anyone. I don’t like . 1.1 1.2 1.3 Over to you Think about your job or one you would like to have. Do you, or would you, work on your own, or as part of a team? Which do you prefer?

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 12 Business Vocabulary in Use Advanced 2 Motivation 1 Yolanda is a senior manager of a car rental firm: ‘I believe that all our employees can find satisfaction in what they do. We give them responsibility – the idea that the decisions they take have a direct impact on our success – and encourage them to use their initiative – they don’t have to ask me about every decision they make. My style of management is participative – employees take part in the decision-making process. They are given a sense of empowerment (see Unit 3). ‘We hope this feeling of empowerment gives employees the feeling that they are valued – with management knowing the effort they make. We believe that all this leads to a higher sense of motivation – interest, enthusiasm and energy – among employees. When everyone feels motivated, morale is good and there is a general feeling of well-being in the organization. This leads to improved job satisfaction.’ Motivation 2 Xavier is a factory manager: ‘I don’t believe in all this talk about motivation. My subordinates – the people working under me – are basically lazy. They need constant supervision – we have to check what they are doing all the time. Some people think this is authoritarian, but I think it’s the only way of managing. There have to be clear rules of discipline – you have to be able to tell subordinates what is right and wrong, with a consistent set of disciplinary procedures. ‘Decisions must be imposed from above without consultation – we don’t discuss decisions with workers, we just tell them what to do.’ A B Management styles 1 Theory X and Theory Y Xavier believes in what the US management thinker Douglas McGregor in The Human Side of Enterprise called Theory X – the idea that people dislike work and will do everything they can to avoid it. Yolanda believes in Theory Y – the more advanced view that, given the right conditions, everyone has the potential to find satisfaction in work. C Note Subordinate is very formal and can be negative. It is much less frequent than employee.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 13 Yolanda’s employees are talking about her management style (see A opposite). Replace each underlined item with an expression from A, keeping the rest of the sentence as it is. Pay attention to the grammatical context. The first one has been done as an example. 1 She knows exactly what’s involved in our jobs. She makes us feel she understands the effort we make. valued 2 She encourages us to do things without asking her first. 3 The feeling among employees here is very good. We feel really involved and want to work towards the company’s goals. 4 We have a real sense of the idea that our efforts are important for the success of the company. 5 We have a real sense of liking what we do and feeling good when we achieve specific goals in our work. Look at B and C opposite. Read the text and answer the questions. 2.1 2.2 1 What have the long-term effects of McGregor’s thinking been, according to the article? 2 Which factors reveal whether a manager believes more in Theory X or Theory Y? 3 Name two things that result from these factors. 4 Did McGregor think that Theory X or Theory Y represented the best way of doing things? 5 Who influenced McGregor’s thinking? What did this thinker believe to be the main factor in determining people’s behaviour? 6 Is employee dissatisfaction due to something within employees themselves, according to this thinker? Why? / Why not? M cGregor’s ideas about managerial behaviour had a profound effect on management thinking and practice. His ideas give a frame of reference for managerial practice. His Theory Y principles influenced the design and implementation of personnel policies and practices. Today they continue to influence participative styles of management and the continued practice of staff performance appraisal – the evaluation of employees’ work. McGregor defined theories that he felt underpinned the practices and attitudes of managers in relation to employees. These were evident from their conversations and actions. The two sets of ideas were called Theories X and Y. McGregor was saying that what managers said or exhibited in their behaviour revealed their theories-in-use. These led managers to pursue particular kinds of policies and relationships with employees. Regrettably, McGregor’s Theory Y was interpreted and promoted as a ‘one-best-way’, i.e. Y is the best! Managers or aspects of their behaviour became labelled as Theory X, the bad stereotype, and Theory Y, the good. McGregor’s ideas were much informed by Abraham Maslow’s model of motivation. People’s needs provide the driving force which motivates behaviour. Maslow’s ideas suggested that worker dissatisfaction with work was due not to something intrinsic to workers but to poor job design, managerial behaviour and too few opportunities for job satisfaction. Over to you Write a memo to the head of your organization or one you would like to work for, suggesting ways to encourage initiative among employees.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 14 Business Vocabulary in Use Advanced 3 Management styles 2 Hygiene factors Yolanda, the car rental manager we met in the previous unit, went on a management course. She looked at the work of Frederick Herzberg*, who studied what motivates employees. Here are the notes she took: A *Work and the Nature of Man, ‘One More Time: How Do You Motivate Employees?’ Harvard Business Review, 2008. B Motivator factors Empowerment Now look at the more recent idea of empowerment (see Unit 2). C Some aspects of work can lead to dissatisfaction if they are not at a high enough standard. These are what Herzberg calls the hygiene factors: supervision – the way employees are managed policy – the overall purpose and goals of the organization working conditions – the place where you work, hours worked, etc. salary peer relationships – how you relate to and work with others on the same level of the organization security – level of confidence about the future of your job Other aspects of work can give positive satisfaction. These are the motivator factors: achievement – the feeling that you have been successful in reaching your goals recognition – the feeling that your employers understand and value what you do by giving positive feedback, which means telling you what a good job you are doing the work itself – the nature and interest of the job responsibility – when you are in charge of something and its success or failure advancement – how far you will be promoted in the organization and/or how far you will go up the career ladder personal growth – how you develop personally in your work, and your opportunities to do this Empowerment is the idea that decisions, where possible, should be made by employees who are close to the issues or problems to be solved, without having to consult their managers further up the hierarchy. In other words, managers have to delegate as much as possible. Delegation is one of the keys to employees being empowered in this way. Also, organizations become less hierarchical, with fewer management levels. Note Note the spelling of career.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 15 Large Anglo-French law firm seeks legal translator to translate and correct French and English legal documents. Legal qualifications and experience essential. Based in the firm’s busy translation department, you will work (2) under the head of translation (3) as part of a team of five translators (4) in line with the overall policies of the firm. You will work (5) a 35-hour week, with a (6) one-year contract in the first instance. Email CV to [email protected] Look at this job advertisement. Match the underlined items (1–6) with the hygiene factors in A opposite. 3.1 Vanessa Holt got the job in the advertisement in 3.1 above. Three months later, she writes an email to a friend. Complete the gaps in the email using expressions from B opposite. 3.2 Complete this table with words from C opposite. Verb Noun Adjective empower empowered consultation consulted – hierarchical delegated 3.3 DUVAL • AND • SMITH LEGAL TRANSLATOR ENGLISH–FRENCH Paris (1) €80,000 Reply Forward From: Subject: Date: To: [email protected] Back to the UK? 14 November [email protected] Hi Jane, How are you? I’ve been at Duval and Smith, an Anglo-French law firm in Paris, for three months now. I’ve had experience of translating a lot of different documents, so (1) is interesting enough, but I don’t get any (2) for the work I do – my boss never says anything. He never gives us any (3) – for example, he never lets us deal with clients directly. I never get a sense of (4) – my boss takes all the credit for the work we do. There are quite good opportunities for promotion and (5) at Duval and Smith, but I’m not sure I want to stay. I think there must be better opportunities elsewhere for me to develop, and as (6) is important to me, I’ve decided to move back to the UK and look for a job there. So hope to see you in London soon – I’ll give you a call. All the best Over to you Describe your own organization, or one you would like to work for, in relation to Herzberg’s motivator factors.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 16 Business Vocabulary in Use Advanced 4 Employment and employability A Outsourcing Nigel, a 30-year-old information technology (IT) specialist, talks about his career so far: ‘I used to work in the IT department of a bank. All the IT work was done in-house. I thought I had a job for life. But then one day the work was outsourced to a specialized IT company called IT Services (ITS), based in India. Outsourcing abroad like this is offshoring (see Unit 32). The bank saw outsourcing as a way of saving money and keeping its competitive edge – advantage. They said that it would be more cost-effective – would cost less – to concentrate on their core activities – most important ones. ‘Luckily, the bank didn’t make me redundant – I didn’t lose my job – and I started working for ITS instead. At first I didn’t know what to expect, but now I am very happy. We work with a lot of different clients – I’m a consultant and I give them advice.’ Employability ‘ITS put a lot of emphasis on professional development. We often go on training courses so that we can keep up with current trends – the way things are changing in the industry. ‘ITS tell us that we may not have a job for life with the company, but that our up-to-date skills will mean that we will always be employable. Companies and governments talk about the importance of lifelong learning – continuing to develop our knowledge by going on courses, reading, etc. ‘In the next year or two, I may make a career move and join another company.’ Freelancers ‘When I’m about 40, I want to set up on my own as a freelancer offering consultancy services to different companies. The idea of working freelance on different projects for different clients attracts me.’ Some experts say that increasing numbers of people will work this way in the future, as companies outsource more and more of their work because they want to concentrate on their core activities. Note You can say freelancers or freelances. The corresponding adjective is freelance, as in freelance work. B C

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 17 4.1 Match the two parts of these extracts containing words and expressions from A opposite. Complete the sentences with correct forms of expressions from A, B and C opposite. 1 There’s a lot to be said for . It would encourage more working men and women to refresh their skills on university short courses tailored to their needs. That way they can keep up with – the latest thinking in their area. 2 I love my new job. This is definitely the best I could have made. 3 The new chief executive fired 11,000 employees and sold several business units. Non-core were outsourced. 4 Some former advertising executives offer for ad agencies, bringing expertise the agencies do not have themselves. 5 Some ‘creative’ businesses, like design services, are kept going by work done by and have hardly any permanent staff. 6 Of course, there are advantages to doing some things . You don’t have to explain to outsiders what you want them to do. 4.2 1 “It’s shown us that you don’t have to do everything in-house,” he said. a in-house are evolving towards full outsourcing. 2 Critics say that he offshored jobs to India and b frequently outnumber the full-time permanent employees. 3 I’m an independent consultant in an area where we consultants c are disappearing as the country adjusts to the internet economy. 4 Insurance companies that usually managed everything d competitive edge in cost and productivity. 5 The new strategy has restored the firm’s e made employees redundant to maximize the company’s multi-billion profits. 6 Some Japanese traditions, such as jobs for life, f to outsource to developing nations where wages are lower. 7 The economics of offshoring will force multinational corporations g “Let’s use the market to get the most cost-effective benefit.” Over to you • Would it be possible to do your job as a freelancer? Why? / Why not? • What are the advantages and disadvantages of being a freelancer? • What are the advantages and disadvantages for companies who use freelancers?

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 18 Business Vocabulary in Use Advanced 5 The US is often described as having a flexible job market with flexible working. For example: temporary workers who only work for short periods when they are needed, either on a temporary contract with a company or through a temp agency part-time workers who work less than the maximum number of hours each week job sharing where two people share a particular job, each of them working part-time Job flexibility Another aspect of job flexibility in the US is that companies can hire and fire employees easily. When letting people go – telling employees that they are no longer required – companies only have to give them very short notice – warning – and relatively small redundancy payments – money to compensate for losing their job. Unemployment benefits – the money paid to people without jobs – are very low. It is said that all these measures make for a flexible job market and encourage job creation. Critics say that this approach leads to job insecurity, with employers able to get rid of employees too easily. Job protection France is a country with a very different approach. Companies in trouble are only allowed to make employees redundant after a long period of consultation. If employees are made redundant, they receive generous redundancy payments and then unemployment benefits. The government says people need this sort of job protection, and trade unions – organizations that protect the interests of workers – are fighting hard to keep it. Payments to employees such as sick pay and parental leave – when they have time off following the birth of children – are also very generous. Mothers get long paid maternity leave and fathers get paternity leave. But the social charges which employers and employees have to pay the government are very high. Critics say that these policies contribute to a rigid labour market – one with too much job protection. They say that this sort of inflexibility discourages job creation and leads in the long run to higher unemployment and slower economic growth. As a consequence, companies may look abroad for cheaper bases and workforces. B C Flexibility and inflexibility A Ways of working Note BrE: labour; AmE: labor BrE: trade unions; AmE: labor unions

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Excerpt More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 19 Which type of work or workers in A opposite is each of these people referring to? 1 I work at the local council for two days a week, and my friend works in the same job on the other three days. 2 I work in a petrol station 20 hours a week. 3 I’m on a job at Clarkson’s until the end of next week. Then I’ll try and find something else. Two American managers working in France, Melinda and Nat, are talking about the issues in B and C opposite. Replace the underlined expressions with items from those sections. Pay attention to the grammatical context. Melinda: It’s ridiculous! We can’t (1) get rid of people without a lot of (2) meetings and discussion with (3) employee organizations, government officials, and so on. We have to keep even the laziest, most incompetent people. Nat: I know what you mean. I don’t have the opportunity to (4) recruit and get rid of people as I want! This sort of (5) rigidity must be bad for the job market. (6) The number of people without jobs in this country is very high. Melinda: It’s a nightmare! If you do want to get rid of people, you have to (7) tell them three months in advance. Nat: Yes, and you should see the (8) amount of tax I have to pay for each of my employees just so they can get (9) money when they fall ill, and so on. Melinda: We should move back to the US. There the job market is (10) one that gives employers a lot of freedom. When the economy is going well, the level of (11) new jobs that can be created there is incredible. Look at the expressions in B and C opposite. Say if these statements are true or false. 1 When companies talk about letting employees go, they make them redundant. 2 One person’s job flexibility might be another’s job insecurity. 3 In flexible job markets, hiring and firing is complex. 4 Employee benefits are paid for through social charges. 5 Rigidity is another word for inflexibility. 6 When fathers take parental leave, this is called maternity leave. 7 The cost of job protection might be higher unemployment. 5.1 5.2 5.3 Over to you • Is your country more like the US or France in its ways of working? • Think of one advantage and one disadvantage of flexible working from the point of view of employers.

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Table of Contents More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 3 Contents INTRODUCTION 8 THE HUMAN DIMENSION 1 The working environment 10 A My work is so rewarding B I like the teamwork C I like the perks 2 Management styles 1 12 A Motivation 1 B Motivation 2 C Theory X and Theory Y 3 Management styles 2 14 A Hygiene factors B Motivator factors C Empowerment 4 Employment and employability 16 A Outsourcing B Employability C Freelancers 5 Flexibility and inflexibility 18 A Ways of working B Job flexibility C Job protection 6 Work–life balance 20 A Stress B The causes of stress C Quality of life 7 Managing talent 1 22 A Talent B Recruiting talent C Managing talent 8 Managing talent 2 24 A Talent management 1 B Talent management 2 C Mentoring and coaching 9 Team building 26 A Teams B Team players C Stages of team life 10 The right skills 28 A Hard and soft skills B Emotional intelligence 1 C Emotional intelligence 2 11 Equality and diversity 30 A Equality B Diversity C Word combinations with ‘diversity’ QUALITY 12 What is quality? 32 A Quality in manufacturing B Quality in services C Widening the definition of quality 13 Quality standards 34 A Standards and certification B ISO 9000 and others 14 Quality and people 36 A Investors in People B The EFQM Excellence Model 15 Striving for perfection 38 A Benchmarking and best practice B Six Sigma quality

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Table of Contents More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 4 Business Vocabulary in Use Advanced COMPETITIVE STRATEGY 16 Strategic thinking 40 A Strategy B Word combinations with ‘strategic’ C Companies and markets 17 Competition 42 A Competition B ‘Competing’ and ‘competitive’ 18 Companies and their industries 44 A Competitive forces B SWOT analysis C Be good at something 19 Key strategic issues 46 A Industries and their players B Mergers and acquisitions (M&A) C Make or buy? 20 Innovation 48 A Innovation and the development process B Pioneers, followers and disruptors C Shakeout and consolidation 21 Preparing for the future 50 A Scenario planning B Futurology C Risk management 22 Risk and uncertainty 52 A Incurring risks B Attitudes to risk C Insurance MARKETING 23 The four Ps and beyond 54 A The four Ps B Three more Ps 24 Customer satisfaction 56 A The four Cs B Customer expectations C Customer dissatisfaction 25 Knowing your customers 1 58 A Market intelligence and market research B Research stages C Marketing plans 26 Knowing your customers 2 60 A Segmentation B Customer groups C New technologies, new concerns 27 Knowing your customers 3 62 A Data and databases B Customer relationship management 28 Brands and branding 64 A Brand equity B Brand positioning and differentiation C Brand stretching 29 Global brands 66 A Steps abroad 1 B Steps abroad 2 C Think global, act local? LOGISTICS 30 Supply chain management 68 A Manufacturing B Vertical integration C Retailing 31 Logistics 70 A Logistics B Word combinations with ‘logistical’ C Reverse logistics 32 Outsourcing and offshoring 72 A Outsourcing B Business process outsourcing C Offshoring

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Table of Contents More Information © in this web service Cambridge University Press & Assessment www.cambridge.org Business Vocabulary in Use Advanced 5 THE INTERNET AND ITS USES 33 Accessing the internet 74 A Broadband internet B Mobile internet C Moore’s law 34 Online communication 76 A Web 2.0 B Keeping in touch C Website attractiveness 35 Knowledge and the internet 78 A Knowledge creation B Intranets C Global communities 36 Internet security 80 A Attack and defence B Cybercrime C Privacy and confidentiality 37 The sharing economy 82 A The Uberisation process B Disruption C Crowdfunding 38 Intellectual property 84 A Downloading B Copyright infringement C Digital rights management COMPANY FINANCE 39 Financial performance 86 A Finance B Financial reporting C The financial year D Shareholders, bondholders and lenders 40 Profit and loss account 88 A Accruals accounting B Profit and loss C Earnings 41 Balance sheet 1 90 A Assets B Depreciation 42 Balance sheet 2 92 A Liabilities B Shareholders’ equity 43 Cashflow statement 94 A Cash inflows and outflows B Types of cashflow 44 Comparing performance 96 A Profit and profitability B Investment ratios C Return on equity D Leverage 45 Shareholder value 98 A Yield B Price–earnings ratio C Maximizing shareholder value 46 Accounting standards 100 A Audits and their transparency B International standards BOOM AND BUST 47 The business cycle 102 A Key indicators B The business cycle C Boom and bust 48 Bursting bubbles 104 A Bubbles B The credit crunch C The real economy

Cambridge University Press & Assessment 978-1-316-62822-5 — Business Vocabulary in Use: Advanced Book with Answers and Enhanced ebook 3rd Edition Bill Mascull Table of Contents More Information © in this web service Cambridge University Press & Assessment www.cambridge.org 6 Business Vocabulary in Use Advanced CORPORATE RESPONSIBILITY 49 Corporate social responsibility 106 A Ethics B Accountability and transparency C Corporate social responsibility 50 Social reporting 108 A Social reporting B Word combinations with ‘social’ C Labour standards 51 Green issues 110 A Environmental damage B Eco-friendly products C Recycling 52 Climate change 112 A Global warming B Carbon management C Carbon trading D Carbon capture 53 Corporate governance 114 A Board organization B Separation of roles C Rewards for success (and failure) 54 Ethical investment 116 A Activist shareholders B Controversial products C Socially responsible investment THE GLOBAL ECONOMY 55 Globalization 118 A Paths to prosperity B GDP and GNI C Globalizing trends 56 Investment and debt 120 A Direct investment B Borrowing C Word combinations with ‘debt’ 57 Trade 122 A Dismantling the barriers B Protected industries C Fair trade 58 International aid 124 A Humanitarian aid B Development aid C The aims of aid 59 Sustainable development 126 A Sustainability B Word combinations with ‘sustainable’ C Sustainable development goals